New York, June 29, 2021 (GLOBE NEWSWIRE) -- AC drives Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “AC drives Market Research Report, Voltage, Application, End Use and Region - Forecast till 2027” The market is projected to be worth USD 32.51 billion by 2027, registering a CAGR of 5.97% during the forecast period (2021 - 2027), The market was valued at USD 19.15 billion in 2020.
The AC drives market is growing rapidly, witnessing huge demand. Moreover, the growing energy industry worldwide witnessing increasing production boosts the AC drives market revenues. Increasing penetration of the oil & gas sector and focus on increased energy efficiency provide impetus to the AC drives market value globally.
Emerging regions worldwide, with their favorable government policies, are expected to present untapped opportunities. Industry players strive to increase their production capacities with improved cost efficiency and a leaner organization supported by new possibilities offered by digitalization. Furthermore, the rising demand for household applications supported by the spurring growth residential sector is expected to create a huge demand for AC drives.
Get Free Sample PDF Brochure https://www.marketresearchfuture.com/sample_request/7586
List of the Key Companies Profiled in the AC Drives Market Research Report are-
The AC drives market is experiencing implementations of several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Major industry players are making strategic investments in research and development activities and fostering their expansion plans.
Browse In-depth Market Research Report (143 pages) on AC Drives
Rising demand for AC Drives from Numerous Industries Propel the Market
The AC drives market outlook appears promising mainly due to the vast demand for energy-efficient pumps, compressors, fans, conveyors, and extruders. Besides, the upsurge in environmental awareness impacts the market growth positively, leading to the higher implementation of these AC drives to provide energy efficiency. Additionally, rising uses of AC drives in food & beverage and building automation industries contribute to the growth of the market.
Price Volatility and Demand-Supply Gap in Key Components is a Major Headwind
Despite significant growth propellers, the market witnesses major setbacks such as volatility in prices and the demand-supply gap in raw materials and components, increasing the overall cost of AC drives. Besides, the high research and development costs are projected to restrict the AC drives market growth. Also, the lack of awareness of the benefits of AC drives could restrain the ongoing market growth, negatively impacting the market sales.
Nevertheless, huge advances and continuous developments in equipment used in metals & mining, chemicals & petrochemicals, water & wastewater, and residential applications are anticipated to contribute to the AC drives industry over the review period. Also, high expansion activities by multinationals and well-established companies, alongside the new product launches, are expected to boost the AC drives market shares.
Share your Queries https://www.marketresearchfuture.com/enquiry/7586
COVID 19 Impacts on the Market
Just like many industries, the AC drives industry was too impacted by the COVID-19 pandemic drastically. Lockdowns initiated by governments worldwide disrupted the supply chain and manufacturing of AC drives, impacting production and sales. Disrupted supply chains and import-exports of the raw materials required for the production affected the market growth.
Moreover, the change in consumers’ purchasing behavior due to economic uncertainties affected the demand for AC drives significantly. However, as various business and industrial activities are rapidly returning to normalcy, the demand for AC drives is too picking up gradually. The gradual reopening of manufacturing facilities is expected to upscale the growth of the market slightly.
The market is segmented into voltage, application, end-use, and regions. The voltage segment is sub-segmented into up to 1 kV and above 1 kV. Of these, the up to 1 kV segment accounts for the largest market share. The application segment is sub-segmented into pumps, compressors, fans, conveyors, extruders, and others.
The end-user segment is sub-segmented into power generation, oil & gas, food & beverage, building automation, metals & mining, chemicals & petrochemicals, water & wastewater, residential and others. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and rest-of-the-world.
The Asia Pacific region dominates the global AC drives market. Factors such as rapid industrialization and urbanization across the region increase the AC drives market size. Besides, the increased demand for energy-efficient equipment and supportive government plans support the AC drives the market growth in the region.
China, Japan, India, and Southeast Asian countries prominently contribute to the regional market growth. Moreover, economic upsurge, large-scale industrialization & commercialization, and advances across the end-use sectors are major AC drives market trends.
Segmentation of Market covered in the research:
Information by Voltage (Up to 1 kV, and Above 1 kV), Application (Pumps, Compressors, Fans, Conveyors, Extruders, and Others), End Use (Power Generation, Oil & Gas, Food & Beverage, Building Automation, Metals & Mining, Chemicals & Petrochemicals, Water & Wastewater, Residential, and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
CONTACT: Contact: Market Research Future Phone: +1 628 258 0071(US) +44 2035 002 764(UK) Email: firstname.lastname@example.org Website: https://www.marketresearchfuture.com